Consumer surplus is equal to :
A)The amount consumers pay for a product
B)The difference between the amount consumers would be willing to pay for a product and what they actually pay
C)The difference between the sales value of a firm's output and the direct costs of producing it
D)The amount consumers pay for a product adjusted for the social costs and benefits of the product.

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between the amount consumers are willing to pay for a product and what they actually pay. It is the benefit or surplus that consumers receive by paying less for a product than they were willing to pay.

Consumer Surplus Is Equal to